Average Price in Longmont Surpasses $400,000 for 1st Time Ever
Thank you all so much for the feedback on last month’s stats report. Included in today’s report are updated sales totals for each price bracket (bars), plus the average days on market (DOM) for the homes sold in that bracket (line). The graph reveals what we all know – that days on market increases as the price bracket increases. But now you can more accurately inform your sellers about their expected marketing times. With an overall DOM of 60 in Longmont right now for single family homes, you can clearly see the most active price points have the lowest average time on the market.
Please note that the reported DOM for September is 60. That number is the highest it’s been since February (69). A majority of the sales represented in the graph happened in the hottest part of our yearly market. The reason I point this out specifically is so you can communicate to your sellers to expect longer marketing times in the upcoming months and not the ones in the graph. We can reasonably assume the average days on market will increase in all brackets due to the slowing of activity between now and the end of the year.
September 2016 Longmont Area Stats
Click here for .pdf file
Now for the good news/bad news portion of this commentary. Longmont single family homes eclipsed the $400,000 mark for a month for the first time ever! Good news for sellers, bad news for people wanting to buy lower priced homes. My how the times have changed. In the first 9 months of 2016, only 12 homes have sold for under $200k. In the same time period in 2009 there were 269 homes sold in Longmont for under $200k. The average price is going up everywhere, but look at the huge leap in the Boulder County Plains section. There were four homes that sold for over a million and one that was over $6 million, pulling that average way up.
On a side note. Many of you reading this are small business owners. And many of your clients are small business owners as well. There are many creative and fun people in that big group and 1stBank wants to hear from them. They have a video contest called 90 Seconds to Success that will award one person from Colorado $20,000 for the best business video. Go to www.efirstbank.comfor instructions on how to enter.
The last thing I’d like to say is that now is a very good time to change your email password. If you don’t have a two-step verification, you may have already been hacked and don’t even know it. Hackers are now sitting back and monitoring the inboxes of Realtors and waiting for emails to come in with sensitive information. They are getting things like names, phone numbers and closing dates from you and your clients. They are then masking their email address to look like yours or your clients so they can try to intercede in a transaction to redirect proceeds into their accounts. Every title company is on high alert for this scam. I know it’s a pain to change your password on all your devices, but in the end, it’ll be worth it.